Apple is shifting its Apple Card business from Goldman Sachs to JPMorgan Chase. While this move marks a major change on the back end, users are unlikely to notice much difference in their daily experience.
Why the Change Happened
Goldman Sachs announced its exit from consumer lending in 2023. The Apple Card, which Goldman launched with Apple in 2019, became one of its flagship products in the space. However, this departure left Apple searching for a new partner—enter JPMorgan Chase, a financial giant with robust processing capabilities of its own.
The Silent Exit of CoreCard
Behind the scenes, a smaller company called CoreCard managed the technical processing for Apple Card users. This included handling transactions, billing, and even building unique features like the first-of-the-month billing cycle and the popular “payment wheel” that shows projected interest. With JPMorgan taking over, industry experts believe the bank will use its in-house systems, effectively ending CoreCard’s involvement.
For CoreCard, this change is devastating. The company’s stock dropped 70% when Goldman first hinted at leaving. While the stock has slightly recovered, CoreCard was eventually acquired by Euronet for $248 million.
What Users Can Expect
Despite the behind-the-scenes shake-up, Apple Card users likely won’t experience immediate changes. Features built by CoreCard have proven popular, so JPMorgan may keep them intact—at least for now. Over time, users might see new improvements or interface updates as JPMorgan integrates the service.
Final Thoughts
The switch to JPMorgan reflects Apple’s ongoing focus on financial services but also shows how larger players can disrupt smaller partners in the fintech world. While CoreCard fades from the picture, Apple and JPMorgan aim to deliver a seamless transition for users.
